Iran’s Strait of Hormuz proposal boosts oil prices

↗ اشتراک‌گذاری

Reuters reports that oil prices increased after the release of an Iranian proposal to ban the passage of "hostile" vessels through the Strait of Hormuz. The proposal has drawn the attention of global energy markets because the Strait of Hormuz is considered a vital route for oil transportation. Meanwhile, gold, which had risen at the start of trading, lost some of its gains and traded within a relatively stable range. The Reuters report did not provide further details on the exact scale of price changes for gold or oil. The concurrent movement of the gold and oil markets indicates that traders are paying attention to the potential implications of Iran's proposal for maritime traffic in the Strait of Hormuz and its effect on energy market risks.